Why Clean Harbors Stock Triumphed on Tuesday
Key Points
It stands to earn $110 million over the next three years with a new set of contracts.
Under these arrangements, it will build out filtration systems at a military base in Hawaii.
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Environmental and industrial services company Clean Harbors (NYSE: CLH) was cleaning up on the stock market Tuesday, with a nearly 5% gain in price on the day. That was mainly due to a new set of contracts it won for a project deep in the Pacific Ocean.
Filtering success
That morning, Clean Harbors announced it had been awarded a series of contracts collectively worth $110 million at the U.S. military's Joint Base Pearl Harbor-Hickam (JBPHH) in Hawaii.
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Image source: Getty Images.
These arrangements, which collectively cover a three-year period, obligate the company to widen the deployment of regenerative carbon filtration and resin units at the facility. The units have been in operation since 2022.
They are crucial to the base's clean water supply. All told, the units filter more than 4 million gallons of water every day to keep them free of harmful per- and polyfluoroalkyl substances (PFAS). Clean Harbor designed the filtration system in collaboration with Navy engineers and a peer, V2X. The company stated that V2X would serve as the logistics supplier for the project.
Uniquely qualified
Co-CEO Mike Battles was quoted as saying that "Clean Harbors remains the only company that can deliver comprehensive end-to-end PFAS solutions at commercial scale, including safe thermal destruction."
$110 million isn't a huge number for Clean Harbors, considering that its annual revenue is approaching $6 billion these days. Nevertheless, any new contract is a win, and this one could lead to more work for U.S. federal government agencies, work that can be lucrative, long-lasting, and well paid.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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